India plans to launch a global database of crypto exchanges next year | Taza Khabre

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India plans to introduce a comprehensive global database of cryptocurrency exchanges to help law enforcement agencies fight cryptocurrency-related crimes.

This initiative is part of India’s push to align with international standards for regulating cryptocurrency assets.

Seconds The Economic Times reportthe launch is planned at the end of the current financial year.

Global database to help law enforcement agencies fight crime

The Global Crypto Exchange Database is expected to play a pivotal role in providing crucial information on cryptocurrency assets, allowing law enforcement agencies, including the Enforcement Directorate (ED) , the income tax department and the Central Bureau of Investigation (CBI), can better monitor and track its use in criminal activities such as money laundering.

As previously reported, the Organization for Economic Co-operation and Development (OECD) recently published its Crypto-Asset Reporting Framework (CARF), which focuses on collecting data related to transaction taxes of cryptocurrency.

A notable aspect of India’s proposed exchange database is its inclusion of information on cryptocurrency exchanges operating on the dark web.

Financial Intelligence Unit (FIU) officials have revealed that India is actively seeking the cooperation of other nations to acquire additional intelligence on these hidden exchanges.

According to the Financial Intelligence Unit (FIU), between 2019 and 2021, approximately 28 billion rupees ($3.3 billion) worth of cryptocurrencies were used in drug-related transactions.

Cryptographic intelligence and analysis tool under development

As previously reported, the Home Office is also developing a Cryptocurrency Intelligence and Analysis Tool (CIAT).

The tool is intended to monitor cryptographic transactions on the dark web.

Beyond its primary goal of aiding law enforcement, the global cryptocurrency exchange database is expected to serve a broader spectrum of agencies.

It will provide valuable support to organizations such as the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) in their pursuit of money laundering cases.

India is currently struggling to curb crypto-related fraud and crime in the country due to a lack of clear regulations. However, the central government is now changing its view on crypto regulations.

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